Capitalism's Crisis Deepens: Essays on the Global Economic Meltdown

by Richard D. Wolff

Overview

Praise for Richard Wolff and Democracy at Work:

"Richard Wolff's constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times."—Noam Chomsky

"Richard Wolff is the leading socialist economist in the country. This book is required reading for anyone concerned about a fundamental transformation of the ailing capitalist economy!"—Cornel West

"Bold, thoughtful, transformative-a powerful and challenging vision that takes us beyond both corporate capitalism and state socialism. Richard Wolff at his best!"—Gar Alperovitz

While most mainstream commentators view the crisis that provoked the Great Recession as having passed, these essays from Richard Wolff paint a far less rosy picture. Drawing attention to the extreme downturn in most of capitalism's old centers, the unequal growth in its new centers, and the resurgence of a global speculative bubble, Wolff—in his uniquely accessible style—makes the case that the crisis should be grasped not as a passing moment, but as an evolving stage in capitalism's history.

Richard Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst, and a Visiting Professor at the New School in New York. Wolff's recent work has concentrated on analyzing the causes and alternative solutions to the global economic crisis. His groundbreaking book Democracy at Work: A Cure for Capitalism inspired the creation of Democracy at Work, a nonprofit organization dedicated to showing how and why to make democratic workplaces real.

Product Details

ISBN-13:	9781608465958
Publisher:	Haymarket Books
Publication date:	05/17/2016
Edition description:	New Edition
Pages:	344
Sales rank:	1,080,490
Product dimensions:	5.40(w) x 8.30(h) x 1.00(d)

About the Author

Richard D. Wolff: Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst and a Visiting Professor at the New School Universityin New York. Wolff’s recent work has concentrated on analyzing the causes and alternative solutions to the global economic crisis. His groundbreaking book Democracy at Work: A Cure for Capitalism inspired the creation of Democracy at Work, a nonprofit organization dedicated to showing how and why to make democratic workplaces real.

Table of Contents

Preface ix

Part I Crisis Capitalism 1

Capitalist Crisis and the Return to Marx 3

The Myth of "American Exceptionalism" Implodes 17

The Revenge of Trickle-Down Economics 20

In Economic Crisis, Capitalism Delivers the Bads 23

A Tale of Two Lootings 26

Capitalism and Poverty 28

Five Reasons Why the Crisis Persists 32

Capitalism's Ideological Crutches 34

Capitalism Efficient? We Can Do So Much Better 39

From Detroit to China to Bangladesh: Capitalism's Costs, Capitalists' Freedom 42

Economic Development in Rana Plaza 44

Capitalism, Democracy, and Elections 48

"Pure" Capitalism Is Pure Fantasy 51

How Capitalism's Great Relocation Pauperized America's Middle Class 54

US Political Dysfunction and Capitalism's Withdrawal Capitalism and Unemployment 60

Capitalism and Democracy: Year-End Lessons 62

Political Corruption and Capitalism 65

The Wages of Global Capitalism 68

Part II Crisis Economics 73

Austerity 75

US Tax Deal Brings Austerity Closer 75

Main Street Moves against Wall Street 76

Why Capitalism Is Choosing Plan B 79

The Truth about Profits and Austerity 81

The Great Austerity Shell Game 83

Austerity, US Style, Exposed 86

Austerity: Another "Policy Mistake" 89

Taxes 92

Corporations to Government: Give Us More, Tax Us Less 92

How the Rich Soaked the Rest of Us 96

Who Really Pays Taxes 98

Public Sector 102

Going Beyond Private versus Public 102

The Hidden Money 106

Social Security's Explosive Injustices 109

Banking 112

Lehman Brothers: Financially and Morally Bankrupt 112

Big Finance's Pathology Compels the Logic of Socialized Banking 114

Debt 118

S&P's Judgment on US Debt Is Substandard and Poor 118

"Living Within Our Means" and Standard and Poor's Downgrade 119

Deficits, Debts, and Deepening Crisis 122

Europe's Debt Crisis Deepens 125

Déjà Vu: Germany Tightens Its Economic Power over Europe 128

The Greek Crisis, Austerity, and a Postcapitalist Future 136

Scapegoat Economics 2015 150

Greece Needs Our Solidarity in Its Struggle Against Austerity 155

Deficits, Debts, and Demagogues 157

The So-Called Recovery 160

Recovery, What Recovery? 160

Economic Recovery for Whom? 162

After Five Years: Report Card on Crisis Capitalism 165

Recovery Hype: American Capitalisms Weapon of Mass Distraction 168

Why Debates over the Fed's Interest Rate Miss the Point 171

Capitalism and Its Regulation Delusion 174

Part III Crisis Politics 179

Government Intervention 181

Government Economic Intervention for Whom? 181

This Is No Bailout for Main Street America 183

Ghost of New Deal Haunts Democrats' Agenda, but It's Time to Summon FDR 185

Federal Reserve 188

Ben Bernanke's Silence Speaks Volumes 188

Bernanke's Speech Was Only a Minor Footnote to Enduring Crisis 190

Janet Yellen and I Were Taught to Revere Capitalism. But It's a Failing System 192

Debt Ceilings and Budget Battles 195

Budget Battles: Sound, Fury, and Fakery 195

Fiscal Cliff Follies: Political Theater Distracts from Key Problems with the Fix 199

Economic Policy Debates: Theater of Distraction 202

Political Economy of Partisan "Debates" 205

Ongoing Crisis and Liberal Blindness 205

The Truth about "Class War" in America 208

The Political Economy of Qbamas Reelection 211

Class War Redux: How the American Right Embraced Marxist Struggle 214

Critics of Capitalism Must Include Its Definition 217

US Politics' True Bipartisan Consensus: Capitalism Is Untouchable 223

Part IV Crisis Responses, Going Beyond Capitalism 227

The Occupy Movement 229

Occupy Wall Street Ends Capitalism's Alibi 229

How the 1 Percent Got Richer, while the 99 Percent Got Poorer 231

The Originality of Occupy Wall Street 234

Harvard Students Join the Movement 236

Criticism. Violence, and Roosting Chickens 239

Occupy Production: A Vision for Democracy at Work 240

Occupy the Corporation 242

Class, Change, and Revolution 245

Debates on the Left 250

What's Left of the American Left? 250

A New Dawn for the US Left 252

A Socialism for the Twenty-First Century 254

Debating Capitalism-Redefining Outdated Terms 264

Lessons from Labor 268

Lost Elections, Strategic Lessons for Workers' Movements Everywhere 268

Detroit's Decline is a Distinctively Capitalist Failure 271

What Drove Organized Labor's Decline in the United States? 274

Lessons from Chattanooga 277

Alternatives 281

The Threats of Business and the Business of Threats 281

Manifesto for Economic Democracy and Ecological Sanity 284

Economic Democracy, Not Austerity or Keynesian Growth 290

Yes, There Is an Alternative to Capitalism: Mondragon Shows the Way 293

System Change, or There and Back Again: Capitalism, Socialism, Fascism 296

Silence Is Louder Than Their Words: Effective Economic Policies Neither Candidate Advocates 303

The Fall of the Berlin Wall and the Failures of Actually Existing Economic Systems 306

Economic Prosperity and Economic Democracy: The Worker Co-op Solution 309

Socialism and Worker Self-Directed Enterprises 312

Index 319

Editorial Reviews

The New York Times magazine has described Richard Wolff as “probably America’s most prominent Marxist economist”. And that is probably not an exaggeration in the description of this emeritus Professor of Economics at the University of Massachusetts, Amherst and visiting professor at the New School Universityin New York.”—Michael Roberts, author of The Long Depression

From the Publisher